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L Squared Insurance Agency Blog: prior knowledge

View the latest blog posts from L Squared Insurance Agency.

Legal malpractice policies sold in the United States are claims-made policies.  Conceptually the insurer that is on the risk is the insurer and policy form that will defend the insured and pay the claim should a claim be made during the policy period, providing that the reported act occurs after the prior acts date. READ MORE >>

Firms get trapped by the sin of omission when completing the malpractice claims questions.  This can happen with either the incumbent malpractice insurer’s renewal application or a new business application with a different insurer.  “Prior Knowledge” of a claim is a leading cause for malpractice claims denials. READ MORE >>

On June 8, 2017, we blogged about a US District Court case, Gonakis v Medmarc Casualty Insurance Company.  In this case the District Court granted a summary judgement for Medmarc Casualty stating that because of ‘prior knowledge’ of the claim and not disclosing this claim to Medm... READ MORE >>

In Wesco Insurance Co v Layton, Texas attorney Ledford E White took out an attorney malpractice insurance policy with Wesco for the policy term of March 14, 2014 to March 14, 2015. White had maintained malpractice insurance coverage since 1997 through various malpractice insurers. READ MORE >>

This may be a misunderstood concept for claims-made insureds or just wishful thinking.  Just because an insured has a claims-made policy at the time that a claim is reported does not mean that there will be coverage for that claim.  READ MORE >>

See the Rest of the Story.  When Attorney Malpractice Prior Knowledge is not Prior Knowledge Blog It is important to know when to put your Attorney Malpractice Insurance Carrier on notice.  Most malpractice policies require the insured to put the malpractice insurance carrier on notice... READ MORE >>

In OneBeacon Insurance Co. v. T. Wade Welch & Associates, the 5th Circuit affirmed a $28 million judgement for bad faith ruling that the One Beacon "prior knowledge" exclusion did not apply. As with many Lawyers Professional Liability Insurance policies OneBeacon issued a series of professional liability policies to T. READ MORE >>

One area that law firms get caught on is completing the claims section of either the incumbent malpractice insurance carrier’s renewal application or a new business application with a different carrier at renewal.  “Prior Knowledge” of a claim is one of the leading causes for denial of Lawyers Professional Liability Insurance Claims. READ MORE >>

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